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to increase funding for the sec, the fbi and the department of justice. (applause) >> senator ted kaufman is a democrat from delaware, the man who now holds the seat vacated by vice president joe biden. >> narrator: senator ted kaufman was a co-sponsor of the bill. he was an unusual senator. >> when this particular term is up, what are you going to do? >> oh, i am going to leave. i would never run for office. >> narrator: appointed to replace senator joe biden, he had taken no campaign money and was beholden to no lobbyists. >> i want to see people who have committed such fraud and the havoc it's caused this country... frankly, i want to see them go to jail. >> narrator: in early 2009, kaufman joined his colleagues on the senate judiciary committee to discuss bolstering the fbi and justice department's financial crimes units. >> i'm going to ask some questions to each of you. >> my feeling and senator leahy's feeling is that, you know, if you're going to stop crime, the best way is to punish crime, and the best way to do that is put peoplin jail. >> senator kaufman. >> narrator: senators
behind senator ted kaufman to cap the nondeposit liability of megabanks three years ago in this body. these men are not radicals. they are some of the nation's foremost banking experts. history taught us we'll never see the next threat coming until it's too late and almost upon us. when we passed dodd-frank, it contained tools regulators can use to rein in risk taking. unfortunately, many of these rules stalled. most will not take effect for years. don't think that's not just because not just the economic power of the banks, but the political power in so often having their way in this city and with regulators all over the country. dodd-frank focuses on improving regulators' ability to monitor risk in enhancing action regulators can take if they believe the risk has grown too great. the last five years alone, we've seen faulty mortgage related securities, foreclose fraud, big losses from risky trade, we've seen money laundering, we've seen libor rate rigging. until dodd-frank rules take effect, the rest of us stand by idly as megabanks take more risks that eventually lead to their nea
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